Children’s Health Insurance: 3 Essential Tips for Parents

Children’s Health Insurance: 3 Essential Tips for Parents

In today’s world, where life expectancy is on the rise, ensuring the quality of those added years is crucial. Recent studies, such as the McKinsey Health Institute report[1], reveal a concerning trend: while people are living longer, much of that extended lifespan is marred by poor health. This underscores the importance of early health interventions, including life and health insurance, to achieve a high quality of life. Promoting well-being from a young age can contribute significantly to a healthy, long life.

Access to high-quality health care and insurance coverage from an early age is fundamental to one’s long-term health strategy. Health insurance, particularly for children, plays a pivotal role in this approach. By investing in children’s health insurance, parents can enhance their family’s well-being and lay the groundwork for healthier future generations.

Why Insuring Your Child is Crucial

Young people’s attitudes towards health insurance often show a paradox: high awareness but low engagement. For instance, the Manulife Asia Care Survey 2024 found that 71.6% of Singaporean respondents under 29 recognize the importance of insurance for their future health. However, only 36.8% actually have insurance coverage, and a mere 7% of those insured are under 29.

This gap highlights significant coverage deficiencies that could affect future health outcomes for this age group. Despite these challenges, there is a growing trend towards health consciousness, with 77.6% of Singapore respondents taking proactive steps to prevent illness. These statistics suggest that while young people are aware of the importance of health, many still face barriers to obtaining insurance, whether due to cost, perceived value, or lack of suitable products.

Tips for Selecting the Best Health Insurance for Your Child

Given the critical role of health insurance in children’s well-being, parents must choose a plan that offers comprehensive coverage and meets their family’s specific needs. Here are three key tips to help you make the best decision:

Tip 1: Begin Early

Securing health insurance for your child at a young age provides benefits beyond basic health security. Early health insurance offers financial protection and long-term savings. Premiums are generally lower when the insurance is purchased early[2], and these rates can be locked in, preventing higher costs later in life when health risks increase. This strategy also supports better financial planning by safeguarding against unexpected medical expenses.

For new parents and Gen Z, investing in health insurance early is a way to prioritize and protect future health and financial stability. By securing coverage early, you can mitigate the risks of significant health-related financial burdens, such as the costs associated with cancer treatment, ensuring your family is better prepared for any health issues that may arise.

Starting health insurance early is a wise financial decision and a proactive measure to support a healthier, more secure future for your children.

Tip 2: Evaluate Your Child’s Healthcare Requirements

Health insurance serves as a crucial safety net, providing financial protection and ensuring well-being from infancy through adulthood. Children with health insurance are more likely to receive early care for health problems, reducing the risk of hospitalization and severe health issues later on.

The importance of early medical intervention cannot be overstated. By securing insurance early, parents can ensure their children have access to necessary medical care, easing the financial burden of unexpected health costs. Health insurance not only protects children’s health but also shields families from the financial strain of unforeseen medical expenses, allowing them to focus on recovery and care rather than costs.

In essence, health insurance for your child is an investment in their long-term health and well-being. It supports a proactive approach to healthcare, encouraging regular medical check-ups and timely treatment of illnesses, which are essential for healthy development into adulthood.

Tip 3: Integrate Health Insurance into Family Planning

Incorporating health insurance into your family’s future plans is a best practice. Family planning involves more than deciding when to have children; it includes ensuring that every family member has adequate health protection. This approach safeguards individual family members and protects the family unit from the financial uncertainties associated with health issues.

Comprehensive insurance plans that cover all family members are crucial for managing health-related financial protection. They promote continuous health monitoring and intervention, preventing minor health issues from becoming severe. Including children in family insurance plans provides peace of mind, knowing that your family can afford the potential costs of illnesses covered under the plan.

Start Early for Long-Term Benefits

Early health insurance is vital for enhancing long-term health and financial stability. Starting young ensures lower premiums and access to preventive healthcare services that support lifelong health. The benefits extend from individual well-being to family financial security, making proactive health management essential. Reflect on your current and future health needs and take action today to secure a more financially stable future for you and your loved ones.

To learn more about Life and Protection Insurance plans, please visit https://www.manulife.com.sg/en/campaign/life-and-health-insurance.html

About Manulife Singapore:

Serving Singapore since 1899, we grew from strength to strength to become a leading life insurer in Singapore that provides a broad range of insurance, retirement and wealth management solutions to meet the financial needs of our customers across their various life stages. Manulife Singapore’s insurance, retirement and wealth management solutions are distributed through our own affiliated financial adviser representatives and our specialist partners, including banks and other financial advisory firms.

#Manulife was awarded the Best Life Insurer Award in Singapore at the InsuranceAsia News 2024 Country Awards for Excellence.


[1] Coe, E. et al. (2022) Adding years to life and life to years, McKinsey & Company. Available at: https://www.mckinsey.com/mhi/our-insights/adding-years-to-life-and-life-to-years (Accessed: 02 May 2024). 

[2] https://www.straitstimes.com/business/invest/why-younger-people-need-to-look-into-health-insurance

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